Corem (Hold, TP: SEK8.20) - PFPM far below expectations
Q3 profit from property management was 32% below Bloomberg consensus, with misses on revenue, property costs and financial costs. We have cut our 2025–2026e FFOPS by 15–8% and – based on a raised risk premium following media reports of a potential loss of key tenant Ericsson – cut our target price to SEK8.2 (10.5); however, we reiterate our HOLD.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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